Charles Schwab and AARP announced Monday a joint plan that would offer Schwab's financial guidance services to AARP members.
Called "AARP l Financial Guidance Services provided by Charles Schwab," the new program provides AARP's millions of members access to special offers, including a free consultation, seminars and rebates for Schwab's mutual funds.
"We are in the midst of a challenging economy that has disrupted how many Americans are thinking about and planning for their retirement. Their need for information and access to resources is greater than ever, and through this program, we hope to be able to help many of AARP's members prepare for retirement on their own terms," said Ben Brigeman, executive vice president for Charles Schwab, in a statement.
Under the terms of the Schwab-AARP agreement, all brokerage services are performed by Schwab. While AARP endorses the program, it is not a registered broker-dealer and does not provide brokerage services or financial advice and cannot recommend or endorse specific investments in connection with the program. For the first new account opened at Schwab by an AARP member, Schwab pays AARP a one-time royalty fee for the use of AARP intellectual property, including its name, logo and mailing list. These fees are used for the general purpose of AARP and do not increase any fees, commissions, charges, or expenses paid by the customer to Schwab.
